Verge (XVG) is a cryptocurrency designed for everyday use and improvement of the original Bitcoin blockchain. Currently, the cryptocurrency is subject to DDOS attacks. The company confirmed this on Twitter: “It appears that several mining pools have experienced DDOS attacks. We are working to resolve the issue.”
Forum user BitcoinTalk Ocminer suggested that an attacker could have changed the Verge blockchain. He could have exploited a bug in the code that allowed him to insert false timestamps into blocks and then quickly and efficiently mine new ones. This is not the first time Verge has come under similar attacks. In April 2018, Verge suffered a cyber attack, with the help of which the attacker was able to obtain 20 million XVG (more than $1.1 million at that time).
The chief security technologist at NETSCOUT Arbor, which specializes in DDOS attacks, explained: “Cybercriminals are taking advantage of the opportunity to capitalize on the rise of cryptocurrencies, so it is not surprising that they are targeting emerging markets for their attacks.”
Some have also suggested that an attacker gained control of two of the five mining algorithms of the Verge protocol, using false timestamps one hour apart to defraud the network and authorize the main chain. In just a couple of hours, the hacker was able to obtain approximately 35 million XVG, which at current exchange rates is equal to $1.75 million.
Critics like Ocminer argued that the recent update was a “band-aid, not a cure,” and that it did not address the vulnerability at the heart of the Verge system. Moreover, XVG's market cap currently stands at $752 million, and since the hack, the price has been declining rapidly and is likely to continue to decline.
Following Mind Geek's recent decision to accept Verge cryptocurrency payments, the lead developer of Monero sarcastically tweeted: “Clearly @mindgeek made the right decision and chose a truly safe and reliable cryptocurrency.”
According to https://www.cbronline.com
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